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Forex Market: EUR/AUD daily forecast

During Friday’s trading session EUR/AUD traded within the range of 1.4879-1.4943 and closed at 1.4916.

At 6:13 GMT today EUR/AUD was losing 0.3% for the day to trade at 1.4870. The pair touched a daily low at 1.4862 at 6:06 GMT, managing to breach the first support level of 1.4882.

Fundamental view

The index measures the turnover in retail trade in Germany in the form of nominal or real (prices of charge) and their value changes. Statistics are prepared on the basis of a representative sample. Approximately 27 000 of about 378 000 business units in retail trade in Germany provide information on their turnover to the statistical offices. 700 other major companies in the retail industry provide information directly to the Federal Statistical Office. This is the percentage change from the previous month.

A higher-than-expected reading would heighten the appeal of the 18-nation common currency.

Technical view

Screenshot from 2014-04-28 09:18:12

According to Binary Tribune’s daily analysis, in case EUR/AUD manages to breach the first resistance level at 1.4946, it will probably continue up to test 1.4977. In case the second key resistance is broken, the pair will probably attempt to advance to 1.5010.

If EUR/AUD manages to breach the first key support at 1.4882, it will probably continue to slide and test 1.4849. With this second key support broken, the movement to the downside will probably continue to 1.4818.

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